Scott Bessent Details Trump’s Trade Deal with China [WATCH]

Treasury Secretary Scott Bessent shared new details Friday about the ongoing trade negotiations between the United States and China, describing the current phase as one of “de-escalation” and emphasizing the role of President Donald Trump’s leadership in securing progress.

During an interview on Mornings with Maria, Bessent discussed the status of the trade agreement, which he said reflects a shift toward stability and mutual cooperation.

“This is what leadership looks like under President Trump. We’ve got peace deals, we’ve got trade deals, we’ve got tax deals. And in dealing with the world’s second-largest economy, we approached each other with mutual respect,” Bessent said.

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Bessent specifically highlighted provisions in the agreement involving rare earth magnets, which are essential components in key U.S. industries.

According to Bessent, these materials had not been reaching the United States as efficiently as agreed upon in earlier negotiations.

“Part of the agreement was tariffs coming down and rare earth magnets starting to flow back to the U.S. They form the core of a lot of our industrial base. They were not flowing as fast as previously agreed,” he stated.

“And I am confident now that, as agreed, the magnets will flow.”

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To ensure compliance from the Chinese side, Bessent explained that countermeasures were implemented. “In the meantime, we had put countermeasures versus the Chinese in place. We had held back some vital supplies from them. So what we’re seeing here is a de-escalation under President Trump’s leadership,” he said.

The announcement comes approximately two weeks after high-level discussions were held in London. At the conclusion of those talks, both the U.S. and China confirmed that a “framework” had been reached for implementing the original trade deal negotiated earlier in Geneva.

Following the meeting, President Trump posted on Truth Social, stating, “Our deal with China is done, subject to final approval with President Xi and me.”

OUR DEAL WITH CHINA IS DONE, SUBJECT TO FINAL APPROVAL WITH PRESIDENT XI AND ME. FULL MAGNETS, AND ANY NECESSARY RARE EARTHS, WILL BE SUPPLIED, UP FRONT, BY CHINA. LIKEWISE, WE WILL PROVIDE TO CHINA WHAT WAS AGREED TO, INCLUDING CHINESE STUDENTS USING OUR COLLEGES AND…

— Trump Truth Social Posts On X (@TrumpTruthOnX) June 11, 2025

The current developments follow several months of escalating trade tensions between the two countries.

In April, President Trump implemented tariffs of up to 145% on Chinese imports in response to retaliatory tariffs imposed by Beijing.

The two sides later announced a 90-day tariff reduction period in May, though each government accused the other of violating aspects of the agreement during that time.

Bessent positioned the agreement as a major step in promoting fair trade practices for American workers.

“The important thing to note here is, this is the centerpiece of making trade more fair for American workers, for the American people. And this is happening across the entire spectrum with our trading partners,” he said.

Bessent further noted that the administration’s trade goals are part of a broader strategy set into motion during the early days of President Trump’s current term.

“So, in the first 100 days, we set the table for the peace deals, the trade deals and the tax deals. And now, in this 100 days, we’re bringing them all home,” he said.

He also addressed the broader economic implications of U.S.-China trade dynamics, noting that the U.S. must either pursue a strategic decoupling or encourage China to increase domestic consumption.

“China accounts for 30% of the manufacturing in the world, and that’s not sustainable,” Bessent said.

“My sense is they do want to be a responsible partner. As I mentioned, President Trump, Party Chair Xi, they have a very good relationship, so it’s very helpful to have the leadership there constantly speaking,” Bessent added.

The Treasury Department has not yet released a formal timeline for final approval of the trade agreement but confirmed that discussions between the two nations are ongoing.

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